Nance incurred, during that same year, salary expense of $30 million, rent expense of $15 million, and utilities expense of $20 million. Nance declared and paid dividends of $13 million during the year. At December 31, 2018, Nance had cash of $150 million, accounts receivable of $75 million, property and equipment of $36 million, and other long-term assets of $21 million. At December 31, 2018, the company owed accounts payable of $60 million and had a long-term note payable of $31 million. Nance began 2018 with a balance in retained earnings of $76 million. At December 31, 2018, Nance had total stockholders' equity of $191 million, which consisted of common stock and retained earnings. Nance has a year-end of December 31. Nance Company Income Statement Year Ended December 31, 2018 (millions) Revenue: Revenue 75 Expenses: 60 30 Salary expense Rent expense 15 20 Utilities expense 125 Total expenses 25 Net income (loss)